Obama to Nominate Jacob Lew for Treasury Post

1/9/2013 1:03PM

President Barack Obama has decided to nominate Jacob Lew, who has been a central behind-the-scenes figure in the Clinton and Obama White Houses, to be Treasury Secretary. Damien Paletta has details on Lunch Break. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... I ... breaking ... out of Washington D C this morning present Obama tapping his chief of staff Jacob Lew ... to replace Tim Geitner as Treasury secretary with one right now ... to DC Damian was right there to ... help break this down for us so ... Damian will really break the mold here are of the recent Treasury she's also ... that's right in the year Tim Geitner the current Treasury secretary he was the president the New York Fed ... a lot of contacts on Wall Street in the business world ... his predecessor Hank Paulson ... you know was the head of Goldman Sachs like contacts on Wall Street in the business world ... JetBlue is is kind of a consummate insiders very close to present Obama ... is worth a lot of budget and tax issues ... in Democratic circles going back to the nineteen eighties ... is a really I'm you know ... inside negotiator or very close to the president doesn't have the outside ... corporate and ... Wall Street experience the lot of his predecessors did the doesn't mean he's not can have access ... to the circle which is nice to have more work to do to get ... caught up on those issues so this is ... a prima Tommaso thankless position to hear right now with a fight over how to keep the U S from defaulting on its debt ... right around the corner he's gonna have to pick up ... on the mantle to to to to deal with them right away what you think Obama tapped and specifically Damian ... although the president's view I'm sure the JetBlue's as prepared as a body to deal with these issues he's been dealing ... with these issues when he was a senior role in the Clinton ministrations ... you know he played a central role in the debt ceiling by two thousand eleven ... in the fiscal cliff by two thousand twelve so ... we don't know when that in ... the White House ... are close to the president is as familiar with these issues is Jack Lew and ensures that the reason why the committee selected ... a lot of controversy around some of Obama as other cakes China's top leadership seen this week in particular ... at the defense secretary to the Chuck a go be the nominee there ... let's talk about the confirmation chances of Lucio break that down forcing share I just lose big confirmed by the Senate ... at least four times before ... knowing that both the Clinton missed ration the end of the ... Obama missed ration ... even you know it's possible that he's going to ... have some no votes cast against them you know it could be under less scrutiny for ... the resort utilities temporarily Citigroup ... as well as you know the isthe ... positions on taxes and spending ... it really hard to block a Treasury secretary on the chair has been done ... on such chances are probably pretty good but know this is the affirmation presses the insurer ... will hear both sides here there are issues ... that leaves chief of staff position open what are you hearing about what could happen there ... it sounds like a drug right now would you know there's a bit of a scramble to see that they were plays Jack Lew a chief of staff sounds like it's going to be um some ... audio insiders' within the White House to within ... the Obama team's inner circle ... this kind of over expecting with that issue has been settled in a public take some time for that although he discussed ... Arike Tim Geitner what happens to Tim Geitner this point ... you know that the big question I'm sure he could go on Wall Street the end of ... this make as much money he wants it he said that he is or to run anything ... I'm in the near term the Omega write a book or not really sure but I choose to what level of down time is pretty much ... the US Britain since two thousandseven ... when the financial crisis started so I'm you know that the question what what is to better detect that the kitchen ... island to sleep for about six months I ... came exactly think semester being with appreciated ...